Stocks Look Pricey Relative to History as Experts Warn of High Valuations and Risk of Earnings Disappointment
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Stock valuations are nearing extremes last seen before major crashes like the Great Depression and dot-com bubble burst.
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By one metric, stocks look very expensive relative to bonds historically.
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Experts say stocks are offering little extra return over safe assets like Treasury bills.
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Stocks are up in November on hopes of peak rates and Fed pause, plus earnings optimism.
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But PIMCO warns earnings expectations may "face disappointment" if economy slows.